RBC Capital Markets expects a mixed third-quarter reporting season for gold producers, as average gold prices fell 6% quarter on quarter to US$4,266 an ounce, a second consecutive quarterly decline, while elevated energy prices add to costs. RBC expects modest production gains and slightly lower all-in sustaining costs for the producers it covers, though inflation will limit the benefit. Its main risk lies in 2027 forecasts, where it expects all-in sustaining costs to rise 4% and capital expenditure 16%, above consensus of no cost growth and an 8% rise in capital spending, citing higher energy and labour costs, possible lower ore grades and more discretionary spending. Producers remain financially strong, with many in net cash and near-record free cash flow, and RBC sees valuations as 'reasonable' at 1.1 times price to net asset value, with free cash flow yields of 6% to 7% for 2026 and 2027. However, it warns that weaker gold prices, elevated earnings expectations and execution risks could weigh on shares.
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▼ Likely negativeRelevance: low
| Market | Gold |
|---|---|
| Close on 10/21/2026 | 4,141.17 |
| Change that session | +0.39% |
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